A 40-unit walk-up apartment at 402-414 River Valley Road has been successfully sold en bloc for $70.5 million to Alliance Land.
If the 10% gross floor area for balconies is included, it will work out to $1,035psf ppr, at a gross plot ratio (GPR) of 3.08.
According to marketing agent, Credo Real Estate, a new development built on the site can potentially yield an estimated 130 apartment units, averaging 500sqft each, depending on layout and configuration.
Credo said the project is suitable for a boutique development with small apartment units, which will be popular with both local and foreign professionals and investors.
Owners of the District 10 property stand to receive gross sale proceeds ranging between $1.75 million and $1.77 million each.
The sale is subject to the approval of the Strata Titles Board.
The site has a total gross floor area of about 68,000sqft, including the 10% gross floor area for balconies.
The existing development is understood to have been built in the early 1960s, making it part of the first generation of flat developments built in the post-colonial era of Singapore's history.
Tenure for the site is rather unique - at 999,999 years with effect from 1962.
Source: Channel News Asia